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The stablecoin war: Wall Street vs crypto over the future of money

A message reads "Turn Cash Into Crypto" at a Coinstar ATM which offers Bitcoin.
Photo: Mario Tama/Getty Images

The Financial Times

9 min read
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Banks say rules governing the digital currency are a risk to financial stability. Are they just trying to stamp out competition?

2 February, 2026 by Nikou Asgari in London

Every second as many as 6,000 transactions zap through JPMorgan’s systems globally, as commuters tap their phones to pay for coffees, shoppers buy new clothes online, or businesses send wages to employees living in different corners of the world. 

Most people barely think

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